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Kickstarter Launches Blockchain-Based Crowdfunding Standard System

Big changes are coming at Kickstarter, at least on the source code of its participatory funding site. Determined to bring more transparency, decentralization, and security to its crowdfunding processes, the company has just published a blog post titled “the future of creative crowdfunding projects.” For users, Kickstarter will remain the same, even when its internal crowdfunding system runs on the future open-source protocol.

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Kickstarter is evolving and wants to standardize existing crowdfunding systems. The company has decided to create an independent company that will be responsible for developing an open crowdfunding protocol based on a public blockchain. Kickstarter will apply this protocol in its existing crowdfunding system in 2022.

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A more transparent, secure and decentralized crowdfunding protocol

Big changes are coming at Kickstarter, at least on the source code of its participatory funding site. Determined to bring more transparency, decentralization, and security to its crowdfunding processes, the company has just published a blog post titled “the future of creative crowdfunding projects.” In this post, Kickstarter announces that it will support “the development of an open-source protocol, which will be a decentralized version of the current Kickstarter protocol.”

This protocol will be based on a public blockchain, so that “even competitors can build on it or use it,” Kickstarter says. To develop this open-source decentralized protocol, the crowdfunding company will create an independent organization that does not yet have a name. This will be equipped with funding, a board of directors, and Kickstarter will be one of its first customers.

Big change for Kickstarter, but no impact on users

Kickstarter will also create “an independent governance lab” that will oversee the development of the governance of this open-source protocol. This will be built using Celo, an open-source blockchain that relies on the proof-of-stake system, which is less energy-intensive and more environmentally friendly.

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For users, Kickstarter will remain the same, even when its internal crowdfunding system runs on the future open-source protocol. This is similar to Twitter, which has also launched its own decentralized social networking standard, dubbed Bluesky. Announced in 2019, Bluesky is still in its infancy, with a technical team only working on its development since this summer.

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Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.